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Guest

Hi. I am in foreclosure. My sell date is on hold pending a reinstatement. I would have to pay 107k by 11/21 in order to reinstate my loan. I was denied the making homes affordable mod loan because I could not make any of the arranged payments during the alloted time frame. Then a bill was past on 9/25 that states if you are denied the obama plan that you are not eligible for any other type of mod loan. I was not told this by my lender nor was i notified. I tried to make a couple of payments but i was told to hang on to it and I will have to start the mod loan process over again with chase but they said now I can't because of this new bill. They are absolutely not budging. They said I either have to quick sale or reinstate.

What should I do.

adonis · Posted: Thu Oct 22, 2009 11:40 pm Post subject:

Hi Guest,

I haven't heard about the law which states that if you do not qualify for homes affordable loan modification, you won't qualify for any other kind of modification. You can try and apply for home affordable loan modification again and check out if you can qualify for it. If the lender does not agree to it and if you cannot reinstate the loan, then you will have to short sale the property.

Guest

How my wife and i, transfer a property ( townhome ) to my stepson ( for years he paid the taxes and the maintenance dues ) without him or us pay-
ing taxes for the transfer or other taxes related to the transfer )

Thank you

jameshogg · Posted: Mon Oct 26, 2009 11:15 pm Post subject:

Hi Fernando,

You can sign a quitclaim deed and transfer the property to your step son. As far as taxes are concerned, if you transfer the property as a gift, then you would be responsible for paying gift taxes. However, there are exemptions in case of gift taxes. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114

Thanks

Guest

I was going thru a loan modification I was making the payments and I filled a chapter 7 the bank return the payment from december
will I loose my house or there is any hope?

jameshogg · Posted: Thu Dec 31, 2009 9:57 pm Post subject:

Hi miguel,

You will get the option of reaffirming your mortgage while you are in Chapter 7. You can reaffirm the debts and keep on paying the mortgage dues. This will help you in saving the property.

Thanks

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